Citadel Securities is making significant moves in Europe, unlike its US approach. In the US, the company has paused its plans to become a direct bond dealer with the Federal Reserve, as it has already established itself as a key player in US government bonds.
In Germany, Citadel is ramping up its rates trading desk by joining the country’s auction group, where the bond markets are more closely connected. In January, Citadel hired Sergio Colantuono from Nomura Holdings to build its European rates offering, driven by the EU’s initiative to create a single capital market and improve bond market transparency.
Citadel has started electronic trading of euro and sterling interest-rate swaps and is expanding into full voice trading. With a workforce of around 300 in London, Paris, Zurich, and Dublin, and 120 people dedicated to rates globally, the company plans to continue growing.